Bids are open until Monday in a bankruptcy auction on Wohali, the financially troubled, partially built luxury golf resort in Coalville.

But the likely opening offer – of $65 million from the foreign investors who have been backing it – is insufficient, said a Park City billionaire who put in his own bid.

Lawsuits started piling up last summer after contractors sued Wohali Land Estates for not paying millions in invoices, and after the company’s lender, EB5AN, said it started skipping interest payments. Wohali filed for Chapter 11 bankruptcy in August.

Under a preliminary settlement agreement with the court-appointed trustee, that Florida-based investment fund manager, EB5 for short, is negotiating a stalking-horse bid – one meant to set the floor for all other offers – on the golf course and unfinished private mountain resort community and backcountry preserve.

Though the golf course is finished, and a bird’s-eye view shows mostly completed roads through rolling hills, the public infrastructure for housing isn’t complete, according to bankruptcy filings. Construction was suspended before many structures were weather-tight or had utilities installed.

EB5 would start the bidding at $65 million, with all bids due by April 20 and a closing deadline of May 13. Based on “months of increasingly formal marketing efforts,” the trustee in the bankruptcy case doesn’t think the land and what’s built so far are likely to sell for more than that.

EB5 could bid up to $89 million at auction – $3 million more than investors said they were owed as of earlier this year.

Park City billionaire Douglas Bergeron, who developed the $65 million Deer Valley mansion featured in the HBO movie “Mountainhead,” initially expressed interest in a bid and even made his own stalking-horse offer, about half of which would be for EB5 and other creditors, according to an outline of the offer his public relations agency emailed.

Bergeron said in a statement to the Salt Lake Tribune that his offer would help people recover their losses while preserving existing membership and deposits on homes. It also would ensure that the golf course opens for the season soon, he said.

EB5’s bid is set up through a settlement that Bergeron said ignores a debt of more than $30 million in water bonds, the lack of a clubhouse, the need to install infrastructure that will cost tens of millions, and the millions it would take each year to maintain the golf course.

Bergeron doesn’t think that anyone – including him – will outbid the foreign investors because of those “very significant future expenses.” He also doesn’t think the course will open soon or get proper maintenance this year if EB5 takes over ownership.

“This is a crying shame for the local trades, current members and lot owners, and for all Utahns who love golfing at world-class properties,” Bergeron said.

There’s also still a dispute over what properties should be included in the auction. The future homeowners say three plots of land aren’t included in the coming sale but should be. Two of them contain a “critical” water pump and the main access road, Wohali Way.

Meanwhile, neighbors and people who have put down deposits on homes are unhappy with the settlement with EB5. In a recent filing objecting to the settlement, about a dozen property owners describe it as a “sub rosa” plan – one that effectively acts as a reorganization and locks in a specific outcome – and argue that the investment group has “repeatedly enjoyed special treatment” from the trustee.